Orthopedic Braces & Supports Market (Product, Geography) – Reach $5.42 Billion by 2025 at 5.3% CAGR with Knee Segment Driving Growth During 2020-2025 | The Insight Partners

Pune, India, June 07, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Orthopedic Braces & Supports Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Product, Application and Geography”, the global orthopedic braces & supports market size is expected to grow with USD 5,429.3 million by 2025 from USD 3,950.6 million in 2019; it is estimated to grow with a CAGR of 5.3% from 2020-2025.

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Global Orthopedic Braces & Supports Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 121 pages with 37 list of tables & 49 list of figures from the report, “Orthopedic Braces & Supports Market Forecast to 2025 – Global Analysis by Product (Spine,Shoulder, Elbow, Back & Hip, Knee, and Ankle & Foot), Application (Osteoarthritis, Preventive Care, Ligament Injury, Cold Bracing, and Others), and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/orthopedic-braces-and-supports-market

Global Orthopedic Braces & Supports Market Analysis: Competitive Landscape and Key Developments
DJO Global, Zimmer Biomet, Ossur Corporate, 3M, Breg Inc., Bauerfeind, BSN Medical, DeRoyal Industries, Inc., Thuasne, ALCARE Co.Ltd, and Ottobock. are a few of the key companies operating in the orthopedic braces & support market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

In August 2021, OPUM, a medical device and AI company, partnered with Thuasne Group, an orthopedic bracing manufacturer. The partnership is done to develop a digital solution for osteoarthritis’s non-invasive, non-pharmacological treatment. The product developed by the expertise of both companies will integrate OPUM’s AI-enabled Digital Knee care platform with Thuasne’s Rebel Reliever OA knee brace.

In February 2021, Breg, Inc. announced the launch of two new lines of spinal orthoses (braces) products under the brand names Pinnacle and Ascenda. Breg is the leading orthopedic bracing and billing services company which has developed 15 products to elevate care for patients with spinal injuries.

In July 2020, Essity announced the integration of BSN Medical India into the Essity Organization. In April 2017, Essity completed the global acquisition of BSN medical; since then, it has been known as Essity. After integrating BSN medical India, Essity India aims to strengthen its market position in India through three key portfolios: orthopedics, wound care, and compression therapy.

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Demand For Higher Quality Products as a Future Trend for the Global Orthopedic Braces & Supports Market:
Globally people around the world strive for better health and do not compromise with the low quality of products. The high quality of the product is preferred by the people; also, these products are reimbursed. High-quality products are generally preferred by sports players who use braces for preventive care and for sports injuries. On the other hand, the demand from sports celebrities creates opportunities for the market players to produce more braces and supports with upgraded features. The prosthetic braces, which include robotic limbs, are preferred more by athletes and patients who have amputated their limbs due to some reasons. Therefore, the rise in sports injuries has a major role to play in increasing revenue.

The future trend for orthopedic braces and supports is likely to grow dramatically due to the increasing e-commerce platform that provides the braces and their accessories at the doorstep of the customer. The availability of braces has become easy and convenient for patients to buy without going outdoors. Moreover, the innovative products, revolutionary technology, and successful events created opportunities for the companies to continue the production of orthopedic braces and supports. Thus, companies manufacturing the braces are likely to add value to their customers and attract more customer base for their product. Therefore, considering the factors, the current trends are estimated to be future trends as well and are likely to propel the growth of the market in the coming forecast period.

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High Market Potential In Developing Nations Provides Lucrative Opportunities for Global Orthopedic Braces & Support Market:
With increasing costs of manufacturing against their practices, medical device manufacturers are struggling to generate enough revenue to please their investors. The emerging markets in the developing economies are expected to be the crucial factor in offering better and more lucrative growth opportunities for the major players to expand their business and geographic reach.

The treatment of orthopedic conditions and musculoskeletal diseases has become simpler due to the help of the advancement in technology. As compared to consuming heavy-dose medicines and hectic therapies, braces and supports have reduced the consumption of the medication and the therapies. The advantages of orthopedic braces have helped so many patients to manage and reduce their pains and help to move along with other normal people. Also, the healthcare expenditure has created lots of opportunities for developing nations to provide better and more services and facilities to their people. The adoption of braces and supports is likely to increase in emerging regions such as Asia, the Middle East, and Africa. These regions are investing more in the healthcare sectors, and awareness regarding health has been aggressively increased. In addition, the population in these regions is rising, the number of the geriatric population is also increasing. Therefore, the incidences of orthopedic conditions are increasing.

The regions are also witnessing a rise in start-up companies investing more in the healthcare sector. Therefore, the market in emerging or developing nations is likely to show high potential for orthopedic braces and supports in the forecast period. In addition, the technological advancements in the regions are likely to boost the local players in the manufacturing of orthopedic braces and supports.

The orthopedic braces & supports market is estimated to grow owing to some key driving factors, such as the increase in the number of orthopedic surgeries, the rise in the geriatric population, growing incidents of road accidents, and the increase in the awareness and adoption of orthopedic braces and supports. However, the market is likely to witness slow growth due to the high cost of the braces and supports, and stringent regulations to manufacture braces and supports.

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Based on geography, North America holds the largest orthopedic braces & supports market share and is estimated to continue its dominance during the forecast period. The North American region is segmented into countries such as the US, Canada, and Mexico. Among the countries, the US is the largest and fastest-growing market for orthopedic braces and supports. Canada is the second-largest market with significant growth opportunities and is expected to grow faster. The country has various emerging players that offer advanced orthopedic braces & supports. For instance, OrthoCanada provides services to patients that require rehabilitation. It also offers services such as sports medicine, chiropractic, and massage. In addition, the company provides professional expertise, advanced equipment, and therapeutic solution that leads to the growing demand for orthopedic braces and supports. In addition, public organizations are creating awareness about the advancement in the orthopedic sector. For instance, the Arthroscopy Association of Canada (AAC), formed in 2017, is a national collaboration and advancement of sports and arthroscopy research and education. The AAC provides knowledge with the help of research to advance arthroscopic surgery and improve patient outcomes. The members of the associations are orthopedic surgeons, researchers, and health care professionals. Such initiatives also enhance awareness about braces and supports. Thus, such initiatives are expected to leverage the growth of the market during the forecast period.

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